FINANCIAL ACCOUNTING

includes currency or cash items on hand as well as peso or foreign currency deposits in banks which are unrestricted and immediately available for use in the current operations cash or cash on hand and in banks PAS 1 provides that "an entity shall classify an asset as current when the asset is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the end of reporting period. unrestricted cash an item must be unres...

adjustments entries made at the end of every accounting period to report revenues and expenses in the proper period and assets and liabilities at appropriate amounts. revenue recognition principle revenues are recorded when earned. expense recognition or "matching" principle expenses are recorded in the same period as the revenues to which they relate. what are assets reported at? assets are reported at amounts representing economic benefits that remain at the end of the current per...

The accounting process is correctly sequenced as identification, recording, communication. The economic entity assumption requires that the activities of an entity be kept separate from the activities of its owner. If total liabilities decreased by $50,000 and stockholders' equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period? $20,000 decrease The primary purpose of the statement of cash flows is to repor...

Tom's Grocery purchased 5 new cash registers for their new store and they paid $2,400 each for a total of $12,000 on August 1, 2013, the day they were delivered. The cash registers are expected to have useful lives of 5 years and they are not expected to have any salvage value. Tom's Grocery uses straight-line depreciation. The cash registers were recorded as long-lived assets at the time of the purchase and now Tom's needs to make an entry showing the expense related to these cash regi...

Assets Economic resources that the business plans to use in the future to make money. Balance sheet The financial report that shows business assets, liabilities, and owner's equity as of a particular day. Balanced books When "Where did it go?" equals "Where did it come from?" or wen a company's assets equal its liabilities plus owner's equity. Capital Assets that help a business or a person make money. Capitalizer When money is changed into another asset that helps ...

What is accounting? The process of identifying, measuring and communicating financial information about a business entity i think that the sales ledger control account is a little like the recievables account? it shows how much is owed overall over time. it changes as the grouped amounts from the day books such as sales or payment changes it. I need to mainly revise the cash flow statement yes you do What goes into the cost of a non current asset? What does not? Purchase price Delivery ...

Solutions Manual For Financial Accounting for MBAs 8th Edition By Peter D. Easton , John J. W

Financial accounting and test bank

Solution Manual for Financial Accounting 15th Edition Robert Libby, Patricia Libby, All Chapters

Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, All Chapters